Buy Copper Jul 2021 @ 728.50 SL 724.00 TGT 735.50-738.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 701.3-751.3.
Copper prices dropped as pressure after China's state metals reserves auctioned off in double quick time.
Meanwhile, an acceleration in U.S. hiring boosted hopes of stronger demand for metals and a sustained recovery in economy.
Global copper smelting eases in June
Warehouse stock for Copper at LME was at 212325mt that is down by -150mt.
BUY COPPER JUL 2021 @ 728.50 SL 724.00 TGT 735.50-738.00.MCX
ZINC
Zinc trading range for the day is 233.5-243.7.
Zinc prices dropped after China’s latest attempt to cool down the price of the galvanizing metal by auctioning off inventory.
The Chinese government sold its 30,000 tonnes of zinc ingots reserve at the first-ever public tender of metals on Monday and Tuesday this week.
US Fed and ECB did not make many statements, and the market direction is unclear without much economic data.
Warehouse stock for Zinc at LME was at 252125mt that is down by -175mt.
BUY ZINC JUL 2021 @ 237.50 SL 235.50 TGT 239.50-240.80.MCX
NICKEL
Nickel trading range for the day is 1321.9-1406.5.
Nickel prices dropped tracking weakness in other base metals prices after China’s latest attempt to cool down the price by auctioning off inventory
U.S. services industry activity grew at a moderate pace in June
The Fed has suggested that it will decide the policy direction based on economic recovery.
Warehouse stock for Nickel at LME was at 232554mt that is down by -12mt.
BUY NICKEL JUL 2021 @ 1372.00 SL 1360.00 TGT 1386.00-1398.00.MCX
ALUMINIUM
Aluminium trading range for the day is 197-203.
Aluminium prices dropped as the release of national reserves to cool down the price weighed on prices.
However downside seen limited as Russia decided to impose additional tariffs on aluminium products.
Social inventory is expected to extend slight increase due to the off-season and inflows of SRB aluminium ingots into downstream producers.
Warehouse stock for Aluminium at LME was at 1538725mt that is down by -13525mt.v
BUY ALUMINIUM JUL 2021 @ 200.00 SL 198.00 TGT 202.00-203.50.MCX
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